By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 11 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger on Wednesday morning, benefitting from spillover from other edible oils.
Chicago soybeans and soyoil were significantly higher, along with good increases in European rapeseed and Malaysian palm oil, although Chicago soymeal was moderately lower.
Manitoba Agriculture and Resource Development issued its weekly crop progress report yesterday afternoon, showing canola across the province rated 36 per cent good to excellent as of Aug. 9. Also, the department said the combining of all crops reached five per cent complete.
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There was an improvement in the ICE canola crush margins, with the November-October and November-December contracts gaining about C$9 to $10 per tonne as they came away from historic lows.
Following showers on southern parts of the Prairies, conditions are forecast to return to hot and dry. Although daytime temperatures are expected to reach into the low 30 degrees Celsius over the weekend, they are to slip back to around normal afterward.
The Canadian dollar was stronger this morning, putting some pressure on canola values. The loonie was at 80.0 U.S. cents compared to Tuesday’s close of 79.74.
About 4,600 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Price Change
Canola Nov 891.20 up 12.90
Jan 875.50 up 11.10
Mar 860.00 up 10.00
May 841.80 up 9.40
